Heliopolis Company for Housing and Development has invited equity firms and alliances comprised of equity firms or real estate development companies to prequalify for the management of the real estate firm.
Afterwards, prequalified bidders will be asked to submit their financial and technical offers to be reviewed, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.
Shortlisted bidders will be announced on 15 November ahead of naming the selected bidder to be awarded the management contract of Heliopolis Housing, in addition to acquiring a 10% stake in the company.
Previously, the managing director of Heliopolis Housing, Sahar Al Damatty, told Mubasher that the bid requirements are set to be released soon to select an investor who would manage the company and purchase 10% of its shares.
The winning bidder should fulfil a group of requirements, including having a good experience in real estate development and high financial solvency.
It is noteworthy that during fiscal year 2018/2019, Heliopolis Housing logged a net profit of EGP 376.3 million, compared to EGP 265.3 million in FY17/18.